Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Four downward migrations were deleted from a global index in November. Now, three more downward migrations could be deleted from the same global index in February.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Four downward migrations were deleted from a global index in November. Now, three more downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>The Korean government has introduced policies ahead of April's elections, with a recent notable announcement addressing the "Korea Discount" by enhancing low PBR stock valuations.</li>
<li>A leading proposal involves creating an index of low PBR companies. There are hints of listing ETFs tracking this index, with potential directives compelling pension funds to invest.</li>
<li>Identifying early inclusions is vital. High-likelihood candidates are low PBR large caps with maintained earnings, dividends/share buyback potential, including Hyundai Dept, E-Mart, Hyundai Steel, IBK, Korean Re, &amp; DL E&amp;C.</li>
</ul>


The Korean government has introduced policies ahead of April's elections, with a recent notable announcement addressing the "Korea Discount" by enhancing low PBR stock valuations.
A leading proposal involves creating an index of low PBR companies. There are hints of listing ETFs tracking this index, with potential directives compelling pension funds to invest.
Identifying early inclusions is vital. High-likelihood candidates are low PBR large caps with maintained earnings, dividends/share buyback potential, including Hyundai Dept, E-Mart, Hyundai Steel, IBK, Korean Re, &amp; DL E&amp;C.


Identifying Specific Implementation Plans for Korea's Low-PBR Improvement Policy

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

HD Hyundai Marine Solution  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> was listed in Korea on 9th May 2024 after raising US$540m. Its six-month lockup will expire on 7th Nov 2024.</li>
<li>HD Hyundai Marine Solution is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) was listed in Korea on 9th May 2024 after raising US$540m. Its six-month lockup will expire on 7th Nov 2024.
HD Hyundai Marine Solution is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In this note, we will talk about the lock-up dynamics and updates since our last note.


HD Hyundai Marine US$1.18bn Lockup Expiry - KKR Might Be Tempted to Book Gains

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commences on 1 December and will end on 28 February.</li>
<li>We see 5 migrations from MidCap to LargeCap, 1 new addition to LargeCap, 8 stocks moving from SmallCap to MidCap and 1 new addition to MidCap.</li>
<li>The migrations from MidCap to LargeCap have outperformed the other migration categories. Four potential LargeCap to MidCap migrations will be deleted from a global index later this month.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commences on 1 December and will end on 28 February.
We see 5 migrations from MidCap to LargeCap, 1 new addition to LargeCap, 8 stocks moving from SmallCap to MidCap and 1 new addition to MidCap.
The migrations from MidCap to LargeCap have outperformed the other migration categories. Four potential LargeCap to MidCap migrations will be deleted from a global index later this month.


KOSPI Size Indices: Global Index Selling Leads to Potential Downward Migration

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Hyundai Mobis (012330 KS) is a strong turnaround story and it has sharply outperformed KOSPI and other major Hyundai Motor Group stocks in the past three months.</li>
<li>In this insight, we discuss three major reasons why are remain positive on Hyundai Mobis. </li>
<li>The combined value of Hyundai Mobis' 21.9% stake in Hyundai Motor and stakes in other companies is worth 16.7 trillion won, which represents 73% of Hyundai Mobis' current market cap. </li>
</ul>


Hyundai Mobis (012330 KS) is a strong turnaround story and it has sharply outperformed KOSPI and other major Hyundai Motor Group stocks in the past three months.
In this insight, we discuss three major reasons why are remain positive on Hyundai Mobis. 
The combined value of Hyundai Mobis' 21.9% stake in Hyundai Motor and stakes in other companies is worth 16.7 trillion won, which represents 73% of Hyundai Mobis' current market cap. 


Hyundai Mobis: A Turnaround Story With Strong Outperformance in the Past Three Months

South Korea

Hyundai Steel Company is an electric furnace steel maker.  The Company manufactures concrete reinforcing bars, H beams, stainless steel sheets, cast steel, and other steel products.  Hyundai Steel sells its products to the domestic and overseas markets.

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Hyundai Steel (004020 KS)

KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

There could be 37 migrations for the KOSPI Size indices in March, plus 1 LargeCap and 3 MidCap inclusions. The MidCap to LargeCap migrations have...

Brian Freitas

Identifying Specific Implementation Plans for Korea's Low-PBR Improvement Policy

You'll find the Excel file with targeted names related to low PBR attached below in the DISCUSSION Section. I screened based on estimated consensus...

Sanghyun Park

HD Hyundai Marine US$1.18bn Lockup Expiry - KKR Might Be Tempted to Book Gains

KKR is selling around 4% of HD Hyundai Marine's stock to raise US$160m. The selldown comes right after the PE comes out of its six-month IPO...

Clarence Chu

KOSPI Size Indices: Global Index Selling Leads to Potential Downward Migration

There could be 29 migrations for the KOSPI Size indices in March, plus 1 LargeCap and 1 MidCap inclusion. The MidCap to LargeCap migrations have...

Brian Freitas

Hyundai Mobis: A Turnaround Story With Strong Outperformance in the Past Three Months

Hyundai Mobis (012330 KS) is a strong turnaround story and it has sharply outperformed KOSPI and other major Hyundai Motor Group stocks in the past...

Douglas Kim

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